Fraudulent Activities Exposed in Seychelles Finance Industry
Investigation Launched into Offshore Financial Service Provider Alpha Consulting
Seychelles authorities have launched an investigation into offshore financial service provider Alpha Consulting, following a new Pandora Papers investigation that revealed the firm had exploited a UK secrecy loophole to help front companies used by Vladimir Putin’s inner circle.
Leaked Files Reveal Widespread Fraudulent Activities
The Pandora Papers, a trove of 11.9 million documents obtained by the International Consortium of Investigative Journalists and shared with over 600 reporters around the world, has shed light on fraudulent activities in the finance industry in Seychelles. Alpha Consulting was one of 14 offshore services providers whose leaked files made up the Pandora Papers.
Investigation Reveals Shocking Connections
According to an investigation by media outlets Finance Uncovered, the BBC, and Seychelles Broadcasting Corporation, Alpha Consulting had helped set up over 900 UK-registered firms through nominee directors linked to the company. The investigation found that:
- Yevgeny Prigozhin, boss of the Wagner Group, who died earlier this year, was among those who benefited from Alpha’s services.
- Leonid Reiman, a close friend of President Putin and former Russian communications minister, owned a company with Alpha Consulting as its director.
- Victoria Valkovskaya, a Russian businesswoman, claimed that using nominee directors to hide the true owners of a company was “not something new or illegal in the industry.”
Authorities Take Action
The country’s Financial Services Authority has confirmed it had launched an inquiry to probe the media reports. Alpha Consulting’s offices have been raided and hard drives and documents seized.
Notable Clients and Controversy
Alpha Consulting was founded in 2008 by Valkovskaya and her ex-husband Roy Delcy, and has notable clients including:
- Russian billionaire Roman Avdeev
- Crypto scion Alexander Vinnik
- Angolan billionaire Isabel dos Santos
- The company’s customer base was reportedly 75% Russian.
Authorities Continue to Investigate
The Pandora Papers investigation has shed light on fraudulent activities in the finance industry in Seychelles, with Alpha Consulting at the center of controversy. Authorities are now working to uncover more about the company’s operations and whether they were involved in any illegal activities.